Hong Kong Market falls on COVID resurgence concerns

Hong Kong share market finished session lower on Tuesday, 07 June 2022, weighed down by retailers gains amid a rebound in Covid-19 cases in the city and in Shanghai, while tech stocks were mixed amid speculation on sector crackdown.

At closing bell, the benchmark Hang Seng Index decreased by 0.5%, or 122.23 points, to 21,531.67. The Hang Seng China Enterprises Index was down by 0.43%, or 32.10 points, to 7,467.87.

Shanghai found 10 new infections, officials said on Tuesday, bringing the total to 98 since the city began a gradual reopening on June 1 after two months of lockdown. Local government officials are cautious of resurgence, requiring large manufacturers to keep operating in safe bubbles. Hong Kong logged 543 new cases on Monday.

Among blue chips, Anta Sports lost 1.5% to HK$90.90 and water-bottling group Nongfu Spring slumped 2.4% to HK$42.84, while Sunny Optical slid 5.1% to HK$120.10. Gains in Alibaba Group and JD.com overshadowed volatile swings in other tech peers.

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